Crypto coins
Memecoins are thriving in the aftermath of the 2024 U.S. elections. Pixabay

KEY POINTS

  • $PNUT has been rallying by over 652% in the last seven days
  • $DOGE – not Dogecoin – and $CORGIAI have also been surging since election day
  • There is widespread optimism that Donald Trump will keep his promises to the crypto industry

Memecoins have been on a wild uptrend since last week as Bitcoin skyrocketed to new all-time highs and Dogecoin (DOGE), Elon Musk's favorite meme token, surged amid hopes for better policies under the Donald Trump government.

While many memecoins had a good one-day spike immediately as news of Trump's victory spread, some have maintained their uptick, outperforming Bitcoin's seven-day run (18% up).

Top 1: $PNUT – The Movement

Starting off the week with a bang, Peanut the Squirrel (PNUT) has been on an impressive run since launching before election day. Inspired by the memory of Peanut, the squirrel that was seized from Mark Longo and euthanized by the New York state late last month, PNUT continues to gain traction.

The memecoin has increased 652% in the last seven days, driven by its 258% spike in the last 24 hours. It is most popular on Gate.io, Raydium and Bitget.

Top 2: $DOGE – The Auditor

It's not Dogecoin, the original DOGE. Instead, it's the Department of Government Efficiency (DOGE) token, launched in September as a community memecoin project "intending to bring awareness and accountability to government spending and over-regulation."

While DOGE is down in the last day, it has had a 325% spike in the last seven days and is up by 1,839% in the past month.

X owner and Tesla CEO Elon Musk is awaiting his appointment as the chief of a new commission of the same moniker that the incoming president promised will hold the government accountable for its budget spending.

Top 3: $CORGIAI – The Phoenix

Like a phoenix rising from the ashes after its significant slump from stellar highs earlier this year, CORGIA has seen a 108% increase in the last seven days amid a 30-day surge of 82%.

The memecoin has been around since September 2023, and after experiencing significant runs from January through March, the token has since been declining. However, it picked up growth once more by July and went on a stagnant journey in the lead-up to the elections.

The token didn't react much to the election frenzy until after election day when the numbers started pouring in and Trump was declared the winner.

The team behind the token also launched a prediction campaign for holders of the President Don NFTs. Many crypto users said they had fun with the campaign.

Memecoins in the Green After Elections

Many other meme tokens have been in the green since last week, including Dogecoin, which rallied over 80% in the last seven days, and Shiba Inu (SHIB), which increased by nearly 50%.

All other meme tokens on CoinGecko's top 10 list are on a weekly uptick, including PEPE, BONK, FLOKI, WIF, and BRETT.

The memecoin segment uptrend comes as many crypto users expect a Trump administration to be kinder to the cryptocurrency sector than the previous government, given the Republican's promises of greater freedom for Bitcoiners and the broader crypto space.

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